發(fā)布時(shí)間：2018-07-05 17:37

  本文選題：股權(quán)眾籌 + 投資者保護(hù)�。� 參考：《河北經(jīng)貿(mào)大學(xué)》2016年碩士論文

【摘要】：隨著股權(quán)眾籌在我國(guó)的快速發(fā)展,其為民間資本提供了新的流通渠道,為中小企業(yè)提供了新的融合渠道,促進(jìn)了經(jīng)濟(jì)的快速發(fā)展。然而由于股權(quán)眾籌是新時(shí)代經(jīng)濟(jì)背景下產(chǎn)生的融資工具,其本身的運(yùn)行模式與我國(guó)現(xiàn)有的相關(guān)法律制度相互矛盾,法律本身的立法理念以及應(yīng)對(duì)新事物方面所表現(xiàn)出的滯后性阻礙了股權(quán)眾籌的發(fā)展。因此,我國(guó)股權(quán)眾籌運(yùn)行的規(guī)范化,就應(yīng)制定相應(yīng)的法律規(guī)范并且完善現(xiàn)有的法律制度。由于各國(guó)針對(duì)股權(quán)眾籌的發(fā)展已有立法經(jīng)驗(yàn),我國(guó)股權(quán)眾籌法律制度的設(shè)立可以適當(dāng)予以借鑒,以股權(quán)眾籌自身的運(yùn)行特性與價(jià)值功能為基礎(chǔ),結(jié)合股權(quán)眾籌制度設(shè)定的基本原則,在促進(jìn)資本集中與投資者保護(hù)兩者之間尋求平衡點(diǎn),從而規(guī)范股權(quán)眾籌的運(yùn)行,使其達(dá)到規(guī)范化的程度,最終促進(jìn)我國(guó)經(jīng)濟(jì)的發(fā)展。本文除了引言與結(jié)語(yǔ)外共分四章。第一章是股權(quán)眾籌的概述。首先分析了股權(quán)眾籌發(fā)展的社會(huì)根源,指出經(jīng)濟(jì)危機(jī)背景下的融資環(huán)境更加緊張,使得本就融資困難的中小企業(yè)大量介入到眾籌的領(lǐng)域,促進(jìn)了股權(quán)眾籌的發(fā)展。其次就股權(quán)眾籌的定義及性質(zhì)進(jìn)行了界定,在比較不同學(xué)者對(duì)股權(quán)眾籌進(jìn)行定義的基礎(chǔ)上,指出股權(quán)眾籌的本質(zhì)是公開(kāi)的股權(quán)融資行為,得出了促進(jìn)資本集中與保護(hù)投資者權(quán)益的兩個(gè)價(jià)值取向。再次,列舉了我國(guó)目前股權(quán)眾籌的制度現(xiàn)狀,分析了國(guó)家針對(duì)股權(quán)眾籌出臺(tái)的相關(guān)文件。最后,結(jié)合目前股權(quán)眾籌運(yùn)行的基本情況,在投資者認(rèn)證、資金管理以及信息披露方面進(jìn)行了闡述,分析了現(xiàn)有運(yùn)行模式的弊端。第二章主要分析了我國(guó)現(xiàn)有法律制度環(huán)境對(duì)股權(quán)眾籌的運(yùn)行所造成的障礙。一方面針對(duì)制度的缺失指出目前存在股權(quán)眾籌平臺(tái)的性質(zhì)不明確以及平臺(tái)權(quán)利義務(wù)模糊的問(wèn)題,同時(shí)在針對(duì)發(fā)行人的知識(shí)產(chǎn)權(quán)方面并沒(méi)有建立有效且合理的保護(hù)機(jī)制。另一方面現(xiàn)有法律制度對(duì)股權(quán)眾籌的阻礙,從企業(yè)股東(合伙人)人數(shù)上限的制度障礙、股權(quán)轉(zhuǎn)讓的制度障礙、公開(kāi)發(fā)行的制度障礙三個(gè)方面闡述了法律制度對(duì)股權(quán)眾籌的運(yùn)行產(chǎn)生的影響。最后針對(duì)股權(quán)眾籌存在的問(wèn)題提出了原則性的總結(jié)意見(jiàn)。第三章主要分析了國(guó)外有關(guān)股權(quán)眾籌的法律制度,分別列舉了美國(guó)、英國(guó)以及澳大利亞的立法經(jīng)驗(yàn),涉及到投資者保護(hù)、平臺(tái)監(jiān)管、信息披露以及小額豁免等方面,同時(shí)對(duì)各國(guó)經(jīng)驗(yàn)進(jìn)行了總結(jié)提出了設(shè)立我國(guó)股權(quán)眾籌法律制度的建議。第四章論述了完善我國(guó)股權(quán)眾籌法律制度的具體建議。本章共提出了四個(gè)解決辦法,分別為完善股權(quán)眾籌平臺(tái)的運(yùn)行機(jī)制、建設(shè)投資者保護(hù)機(jī)制、完善籌資者發(fā)行機(jī)制以及建立信息披露制度。首先,對(duì)股權(quán)眾籌平臺(tái)的性質(zhì)進(jìn)行了界定,分別從投資者與發(fā)行者的角度進(jìn)行了比較,指出股權(quán)眾籌平臺(tái)的性質(zhì)是一種專門從事“股權(quán)眾籌服務(wù)”的組織。同時(shí)針對(duì)股權(quán)眾籌平臺(tái)建立責(zé)任體系,明確平臺(tái)所擁有的權(quán)利、所承擔(dān)的義務(wù)以及違反義務(wù)后的責(zé)任,對(duì)平臺(tái)的權(quán)利義務(wù)體系進(jìn)行了明確。其次針對(duì)投資者保護(hù)機(jī)制,指出將投資者劃分為合格投資者與普通投資者,并闡述了合格投資者的認(rèn)定標(biāo)準(zhǔn),對(duì)個(gè)人進(jìn)行股權(quán)眾籌的投資額進(jìn)行限定,明確了證監(jiān)會(huì)對(duì)合格投資者標(biāo)準(zhǔn)定期評(píng)估修訂的職責(zé)。而在公司治理過(guò)程中,也給予了股權(quán)眾籌投資者相應(yīng)的權(quán)利保障,賦予了投資者優(yōu)先分紅權(quán)、共同出售權(quán)以及強(qiáng)制隨售權(quán),從而督促發(fā)行人履行忠實(shí)勤勉義務(wù),維護(hù)投資者的權(quán)益。再次針對(duì)籌資者發(fā)行機(jī)制的完善,一方面規(guī)定將股權(quán)眾籌的適用主體規(guī)定為股份有限公司或者是其它企業(yè)組織形式但在籌資后變更為股份有限公司的形式。根據(jù)股權(quán)眾籌融資所采取的不同方式設(shè)定不同的標(biāo)準(zhǔn),從而在達(dá)到控制風(fēng)險(xiǎn)的同時(shí)促進(jìn)融資的需要。同時(shí),為股權(quán)眾籌設(shè)立了小額豁免制度,特別指出小額豁免僅適用于針對(duì)合格投資者的股權(quán)眾籌。最后是針對(duì)股權(quán)眾籌的運(yùn)行建立信息披露制度,根據(jù)“信息重大性的認(rèn)定標(biāo)準(zhǔn)”將所披露的信息分為強(qiáng)制披露的信息與自愿披露的信息。根據(jù)股權(quán)眾籌的不同階段,將強(qiáng)制披露的信息分為發(fā)行前的信息披露和籌資后的信息持續(xù)披露,在保障風(fēng)險(xiǎn)的基礎(chǔ)之上維護(hù)企業(yè)的發(fā)展,保護(hù)企業(yè)的知識(shí)產(chǎn)權(quán)。
[Abstract]:With the rapid development of the stock right in China, it provides a new circulation channel for the private capital, provides a new channel for small and medium-sized enterprises and promotes the rapid development of the economy. However, because the public equity is a financing tool produced in the new era of economic background, its own mode of operation is related to the existing legal system of our country. Mutual contradiction, the legislative idea of the law itself and the delay in dealing with the new things hindered the development of the public equity. Therefore, the standardization of the operation of the stock raising of our country should make the corresponding legal norms and improve the existing legal system. The establishment of the legal system of right public financing can be used for reference. Based on the operation characteristics and value functions of the stock right, the balance point between the capital concentration and the investor protection is sought, which is based on the operating characteristics and value functions of the stock right. In addition to the introduction and conclusion, this article is divided into four chapters. The first chapter is a summary of the stock raising. First, it analyzes the social root of the stock raising and development, and points out that the financing environment is more tense under the background of the economic crisis, which makes the small and medium-sized enterprises with financial difficulties involved in the field of public financing and promote the equity. Secondly, it defines the definition and nature of the stock raising, and points out that the essence of the stock raising is the open equity financing behavior on the basis of comparing the definition of the public equity raising of different scholars, and draws two value orientations to promote the capital concentration and protect the rights and interests of the investors. The present situation of public financing system is analyzed. Finally, in the light of the basic situation of the current operation of the stock right, the paper expounds the investor authentication, capital management and information disclosure, and analyzes the disadvantages of the existing operation mode. The second chapter mainly analyzes the existing legal system environment in China to the stock. On the one hand, on the one hand, in view of the lack of system, it points out that the nature of the public equity platform is not clear and the rights and obligations of the platform are vague. At the same time, there is no effective and reasonable protection mechanism for the issuer's intellectual property rights. On the other hand, the existing legal system is to the stock of the public. The hindrance, from the institutional barriers of the number of shareholders (partners), the institutional barriers to the transfer of shares, and the institutional barriers of public issuance, three aspects of the influence of the legal system on the operation of the public equity. Finally, the original summary opinions are put forward in view of the problems existing in the stock market. The third chapter mainly analyzes the foreign countries. The legal system of closing the stock right, enumerates the legislative experience of the United States, the UK and Australia, and involves the protection of the investor, the platform supervision, the information disclosure and the small immunity. At the same time, some suggestions on the establishment of the public equity law system in China are put forward. The fourth chapter discusses the improvement of the stock rights of our country. In this chapter, four solutions are proposed in this chapter, which are to improve the operating mechanism of the public equity platform, to build an investor protection mechanism, to perfect the issuing mechanism of the fundraiser and to establish the information disclosure system. First, the nature of the platform is defined, respectively, from the perspective of investors and issuers. By comparison, it is pointed out that the nature of the platform is a kind of organization that specializes in "stock right public service". At the same time, the system of rights and obligations under the platform is clearly defined. Secondly, the system of rights and obligations of the platform is clearly defined. It points out that the investors are divided into qualified investors and ordinary investors, and the standard of cognizance of qualified investors is expounded, and the investment amount of the individual is limited, and the responsibilities of the Securities Regulatory Commission to revise the regular evaluation of the standard of qualified investors are clearly defined. In the process of corporate governance, the stock ownership is also given. The rights guarantee of the investors gives the investors the right to share the right of dividend, the common sale right and the compulsory sale right, so as to supervise the issuer to fulfill the duty of loyalty and diligence and to safeguard the rights and interests of the investor. It is the form of enterprise organization, but it is changed into the form of Limited by Share Ltd after financing. Different standards are set up according to the different ways of stock raising and financing, so as to achieve the control of risk while promoting the need of financing. At the same time, the small exemption system is set up for the public ownership, especially the small immunity is only applicable to the qualification. In the end, the information disclosure system is established for the operation of the stockholder's stock, and the information disclosed is divided into mandatory disclosure and voluntary disclosure according to the "criteria for identifying information importance". According to the different stages of the stock raising, the information disclosed is classified into information disclosure and financing before the issue. The continued disclosure of information will safeguard the development of enterprises and protect the intellectual property rights of enterprises on the basis of safeguarding risks.
【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：D922.287

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王衛(wèi)民;;淺析股權(quán)交易的風(fēng)險(xiǎn)控制[J];法制與社會(huì);2010年07期

2 葉錫環(huán);周俊朗;;溫州試水“股權(quán)投資”[J];浙江人大;2010年06期

3 嚴(yán)德軍;王云龍;焦中華;;關(guān)于股權(quán)轉(zhuǎn)讓稅收管理的研究[J];經(jīng)濟(jì)研究參考;2011年57期

4 葉開(kāi);;股權(quán)轉(zhuǎn)讓風(fēng)險(xiǎn)規(guī)避和制度完善[J];市場(chǎng)周刊(理論研究);2011年12期

5 周友蘇;鄭，

本文編號(hào)：2101106